The Private Directors Association recognizes the importance of Private Company Boards of Directors and Advisors.  Below are Testimonials to this from executives currently serving in Board positions.  These individuals are from a variety of different companies / organization that include private companies, employee owned businesses (ESOP), start-ups, and private equity companies.  If you would like to speak out on this please send your information to info@privatedirectorsassociation.org.

    PRIVATE COMPANIES

    Cathy Carrroll
    Founder & President
    Legacy Onward

    PDA membership has enhanced the professionalism of our board.  With access to governance best practices, we significantly improved our decision making and board effectiveness.  Membership also helped me prepare for board interviews, and as a result, I was recently invited to join the board of a large family business on the east coast.

    Dennis Chookaszian
    Experienced Corporate Director

    Former CEO & Chairman, CNA Insurance
    Adjunct Professor of Strategic Management, Chicago Booth

    While independent directors are required for public companies, they are equally important for private companies because they bring an important outside perspective that is a critical requirement for establishment of a strong corporate governance function.   The independent director is particularly important in the development of corporate strategy, the understanding and establishment of an effective risk management program, and the implementation of an ethical environment with strong controls.

    Rajan Sheth
    Chairman
    Mead & Hunt

    Independent directors help us deal with the issues that the internal directors are reluctant to bring up. Since they are not involved in day to day operations, they take a long view and help us stay focused on the strategic issues.

    Milton Pinsky
    Chief Executive Officer

    Banner Apartments, LLC

    Adopting a true outside board of directors has helped with the hiring and retention of non-family members. The Board has taken the family dynamic out of compensating family members and/or considering them for hiring or promotion.  It also has helped us develop a more resilient succession plan.  Having a true board, with a majority of independent directors, has enabled us to attract remarkably strong independent directors, who have become increasingly knowledgeable about our business.  Over time this has enabled them to provide us with great advice and to hold me, the CEO, and other executives, accountable, all of which has greatly improved our performance.

    TECH & EARLY STAGE COMPANIES

    Tom Alexander
    COO
    1871 

    For startup founders and leadership, perspective is critical. Independent boards provide crucial insight and value to startups and play an important role in fostering success of these companies.

    Dr. Aziz Asphahani
    CEO
    QuesTek Innovations LLC

    As a High-Tech start-up company, the Independent Directors were essential in terms of providing impartial assessment of the business model and the financial status of the company. Also, they provided additional perspectives of business opportunities and potential risks.

    Donovan Morrison
    CEO
    Luna Lights, Inc.

    It is critical for every startup to have independent directors on their board to help fill in knowledge gaps that exist on the team. No one knows everything, so having an outside perspective from a field that is not represented in the backgrounds of the founding team is necessary.

    DIRECTORS

    Michel J. Feldman
    Senior Partner
    Seyfarth Shaw LLP

    Board Member and Advisory Board Member of Several Public and Private Boards

    Many family owned businesses have a founder who may have worked elsewhere, but his children may have only worked for the father’s business. Their worldly knowledge is limited, and an independent board member can bring a lot of outside knowledge and thinking to the board room. The board member may have many ideas for the company on how to grow the family business either internally or by acquisition, and the pitfalls to avoid.  The board member may also have good ideas how to bring down the cost of operations, which is something that the family members do not have a lot of experience in doing.

    Dennis Kessler
    Founder and President
    Midwest Family Business Advisors
    Independent Board Director

    Independent Directors on Private Company Boards bring value to a board by sharing their knowledge about succession planning for the business and the family as well as their experience in strategic planning gained from other industries and other businesses in which they have worked.

    ESOP COMPANIES

    Chicago Testimonials